The best way to leverage data is with a dynamic data management strategy that effectively uses organizational data. An effective data management strategy focuses on using data as a foundation for better decision making, improving operational efficiency and customer value propositions, and increasing revenue through actionable insights. A data management strategy should evolve as the organization grows to ensure continued ROI on all business decisions and projects.
Master Data Management (MDM) ensures that all shared organizational data, known as master data, is consistent and accurate. Maintaining the quality and integrity of master data involves people, processes, and systems. Using multiple systems to store organizational data results in data silos and duplicated and incomplete data that give a disjointed view of the business. This is where the MDM meaning comes in.
Masta data, reference data, and metadata are key organizational data assets that drive business processes, are evaluated by analytics, and are controlled by governance processes. MDM provides an organization with a single source of key master data on customers, products, and relationships between master data entities. When data is leveraged properly, organizations can identify risks, opportunities, and areas for improvement.
Master data provides organizations with context for all types of data, including IoT data. The right context can provide meaningful and actionable insights from IoT data. “Things” are considered a domain within MDM, meaning organizations can create a master definition of “things.” This allows organizations to improve product performances, take preventative measures to avoid outages, gain deeper insights into customer behavior, reduce operational costs, and increase market speed.
The logistics industry maximizes profits through efficient operations and reducing underutilized resources. Meeting customer demands means delivering transparency, reliability, and trust. IoT helps the logistics industry develop effective shipment tracking, ensure on-time deliveries, minimize theft, and prevent package tampering. The ability to track traffic and weather helps logistics companies create efficient delivery routes and use sensor data from tracking devices on customer products. MDM and IoT help with weather-related delivery issues, re-routing deliveries for cost savings, and become more efficient and provide better customer service.
Smart meters can better measure customers’ consumption more accurately and frequently than traditional meters. Utility companies can connect to customers, their smart meters, and the data generated from smart meters to better customer consumption patterns. Companies can share energy consumption information with customers to raise environmental awareness and offer tips for conserving energy to reduce usage and lower utility bills. Such data helps utility companies reduce labor costs since all insights can be gained without manual intervention.
MDM and IoT are very beneficial in the automotive industry. Automotive companies can use MDM to centralize customer data and vehicle information, which allows them to track and understand the complete vehicle life cycle. Companies can detect abnormalities in cars being driven, detect parts in need of replacement in real-time, and send notifications to car owners. MDM and IoT’s actionable insights allow automotive companies to anticipate customer needs and repair cars before they break down.
Wellheads are valuable assets to oil and gas companies, that when equipped with sensors, provide data about performance. To gain actionable insights about wellheads’ performance, oil and gas companies need to connect the streaming data to information about the wellhead and its location. MDM allows these companies to create master data of wellheads that helps manage the relationships between wells, equipment, employees, and sites.
Connecting streaming data with master data allows oil and gas companies to perform timely safety inspections, drive real-time processes for maintenance and production planning, and make better investment decisions. Organizations that utilize MDM have a single source of key master data that, when leveraged properly, helps identify risks, opportunities, and actionable insights that improve operational efficiency.